Kovack Advisors Inc. increased its stake in shares of Adobe Inc (NASDAQ:ADBE) by 22.9% during the 1st quarter, Holdings Channel reports. The firm owned 3,919 shares of the software company’s stock after acquiring an additional 730 shares during the quarter. Kovack Advisors Inc.’s holdings in Adobe were worth $1,044,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Oregon Public Employees Retirement Fund grew its stake in shares of Adobe by 24,198.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock valued at $171,000 after purchasing an additional 38,501,463 shares during the last quarter. Lunia Capital LP grew its stake in shares of Adobe by 23,384.5% during the fourth quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock valued at $8,928,000 after purchasing an additional 8,890,092 shares during the last quarter. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at approximately $981,259,000. Fisher Asset Management LLC grew its stake in shares of Adobe by 298.2% during the fourth quarter. Fisher Asset Management LLC now owns 1,627,565 shares of the software company’s stock valued at $368,220,000 after purchasing an additional 1,218,872 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its stake in shares of Adobe by 54.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,369,516 shares of the software company’s stock valued at $536,079,000 after purchasing an additional 839,989 shares during the last quarter. 86.40% of the stock is currently owned by institutional investors and hedge funds.

ADBE opened at $279.85 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $136.55 billion, a price-to-earnings ratio of 50.42, a PEG ratio of 2.73 and a beta of 1.11. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $291.70.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter last year, the business posted $1.55 earnings per share. Research analysts predict that Adobe Inc will post 6.24 earnings per share for the current year.

In related news, Director John E. Warnock sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $260.47, for a total transaction of $520,940.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at $4,190,441.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total transaction of $809,460.00. Following the sale, the executive vice president now owns 61,458 shares in the company, valued at $16,582,597.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,936 shares of company stock worth $16,291,198. Company insiders own 0.32% of the company’s stock.

Several analysts have recently commented on the stock. Zacks Investment Research cut shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Adobe in a research note on Friday, March 29th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Adobe in a research note on Friday, January 25th. Finally, Robert W. Baird raised their price objective on shares of Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Nine equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Adobe presently has a consensus rating of “Buy” and an average price target of $289.63.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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